Why do I need to renew my bank connection every 90 days?

What's going on?

When you connect your bank account to August, we use Open Banking to securely read your transactions. This is how we match rent payments, track your income, and keep your financial records up to date.

Under UK financial regulations set by the FCA (the Financial Conduct Authority), your consent to share bank data needs to be reconfirmed every 90 days. This isn't something unique to August. It applies to every app that connects to your bank through Open Banking.

Think of it like a regular check-in. The FCA wants to make sure you're still happy for August to access your transaction data. It's there to protect you.

What do I need to do?

Not much at all. When your 90 days are nearly up, we'll send you a notification. All you need to do is tap through and confirm you'd like to keep your bank connected.

What happens if I don't renew?

If you miss the renewal, August will lose access to your bank transactions. That means we won't be able to automatically match rent payments or pull in new transactions until you reconnect.

Don't worry, none of your existing data will be lost. Your transaction history and matched payments stay exactly where they are. You'll just need to reconfirm your consent to get things flowing again.

How will I know when it's time to renew?

We've got you covered. August will notify you before your connection expires, giving you plenty of time to renew. You'll see a reminder in the app, so there's no need to keep track of dates yourself.

Why can't this just happen automatically?

We get it, it's an extra step. But the 90-day consent rule exists specifically so that you stay in control of who can access your financial data. The FCA introduced it to protect consumers, and we think that's a good thing.

The good news is that since the FCA updated the rules, renewing is much simpler than it used to be. A quick tap in the app and you're sorted for another 90 days.

Need help?

If you're having trouble renewing your bank connection or something doesn't look right, drop us a message. We're always happy to help.